Hanwha Ocean said it has signed a strategic Memorandum of Understanding with Fermeuse Energy to advance an LNG development in Newfoundland and Labrador, framing the move as part of a long-term industrial commitment in Canada tied to its participation in the Canadian Patrol Submarine Project (CPSP) and Canada’s Arctic and multi-ocean priorities.
The MOU positions Hanwha Ocean as a long-term strategic partner to Fermeuse Energy, with responsibilities spanning project development and engineering, financing, shipbuilding, and LNG logistics. The companies said the cooperation is intended to support a reliable and sustainable LNG supply that strengthens energy security and contributes to the global energy transition.
Under the agreement, Hanwha Ocean will apply its integrated global capabilities to conceptual studies and pre-FEED engineering. The company said this mirrors the CPSP approach it is pursuing in Canada, built around end-to-end delivery that runs from design and construction through financing and long-term sustainment.
The partners also set out a framework for structured governance and joint execution planning, aiming to align technical work with commercialization and long-term operations.
Beyond the LNG scope, Hanwha Ocean described the collaboration as consistent with its broader engagement in Canada’s defense and industrial landscape through CPSP. It said its submarine offer is structured to meet Canadian requirements while enabling local sustainment, training, and supply chain development. By aligning LNG-sector cooperation with the CPSP Industrial and Technological Benefits (ITB) framework, Hanwha Ocean positioned the partnership as part of a wider, long-term contribution to Canada’s sovereign industrial base.
Sung-chul Eo, President of Hanwha Ocean’s Naval Ship Division, said the company is approaching Fermeuse Energy as a partner from concept through execution and commercialization, leveraging Hanwha Ocean capabilities, the broader Hanwha Group portfolio, and support from the Korean government. Fermeuse Energy CEO Swapan Kataria said Hanwha Ocean’s integrated energy and maritime capabilities provide a strong foundation to move the project forward, adding that the MOU supports global cooperation, technical excellence, and commercial viability. He also expressed support for Hanwha Ocean’s submarine bid and Prime Minister Carney’s vision for a stronger and more self-reliant Canada.
Hanwha was founded in 1952 and operates in more than 50 countries across energy, shipbuilding, aerospace and defense, and infrastructure development. Fermeuse Energy is a Canadian LNG development company focused on unlocking Newfoundland and Labrador’s natural gas resources for global export while promoting sustainable growth and regional economic development.
